South Korean market research company SNE Research revealed that 48 GWh of electric vehicle battery capacity was installed worldwide in October. It represents a YoY increase of 73.6%, as reported by CnEVPost.
Top 10 global EV battery makers
October 2022 rankings
Chinese power battery company CATL maintained its top spot with 18.1 GWh installed, accounting for 37.6% of the global market. It is followed by BYD, with a market share of 16.2% for 7.8 GWh.
Interestingly, BYD had a larger global market share than LG Energy Solution in July and August. However, the South Korean company surpassed BYD in September.
Proceeding LG’s performance in October, it held 11.3% of the market with its 5.4 GWh installed batteries worldwide.
Japan’s battery giant Panasonic landed a fourth place with a market share of 6.3%. It was followed by 5th placer SK On (5.4%) and 6th placer Samsung SDI (4.9).
Digging to the bottom of the rankings, China’s CALB had a 4.4% market share. It was followed by 8th placer Gotion High-tech (3.0%), 9th placer Sunwoda (1.5%), and 10th Eve Energy (1.3%).
January to October 2022 rankings
Notably, the installed base of EV batteries worldwide from January to October 2022 increased by 75.4% annually to 390.4 GWh.
CATL remains at the top spot with a YoY growth of 98.6% to 137.7 GWh EV battery installed in the given period. All that said, the Chinese power battery giant held 35% of the market.
LG Energy Solution secured the second position, with 13.8% of the market. On the other hand, Chinese EV and battery giant BYD landed 3rd place with a 13.2 market share.
The production of batteries is in high demand worldwide due to their importance in the development of electric vehicles. Numerous businesses doing well in this area are also excellent news for the overall EV market as it encourages the transition to clean mobility.
